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Updated: Wednesday, 10 Dec 2008, 6:38 PM EST
Published : Wednesday, 10 Dec 2008, 5:12 PM EST
Meriden (WTNH) - In these troubling economic times, more people are in need of quick cash. Others are looking for a good deal. And, pawn shops are cashing-in in both cases.
It's not news that people are looking for discounts. But if the pawn shop business is any indication what people really need these days is cash and they need it fast.
Genarro Martorelli is willing to make a deal this holiday season. "If you need money for the holidays, we're hoping that you'll bring your scrap gold that's just sitting in that jewelry box doing you no good," Martorelli, of Meriden Pawn, said. "As opposed to, you know, a handful of hundred dollar bills."
The market price for gold remains steady so pawn shops are paying up. In fact, at Meriden Pawn, their business has been booming since August when high gas prices started driving folks to them. Usually there's an autumn slump but, both buying and selling.
"This year, we have stayed right up where we are, right into the holiday season," Martorelli said.
Mary Copploa and her husband are regulars here. "Yeah, we prefer to come here," Copploa said.
When it comes to the hot Christmas presents, electronics, I-Pods, plasma TV's -- they say, the discounts here are deeper.
"We compare and then we wind up always here," Copploa said. "It's a nice place to come to, they got good deals on everything."
But it's the pawning going on that's really the economic indicator because it buys people time. Customers can drop off an item and get cash. And if they return within 30 days they can buy it back. And people are returning, in droves, suggesting they don't want to sell their stuff they're short on cash.
Over the last four months, they've also seen a huge influx in check cashing. "Personally I think it's because of how rough the banks are cause if you want to cash a check at a bank, I mean, if you live paycheck to paycheck, you can't wait five days for your check to clear," Martorelli said.
And with that check-cashing business, News Channel 8 has been
told they have seen an increase in unemployment checks.
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